54% of agile Nigerians unemployed, says economic council chair – Newstrends
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54% of agile Nigerians unemployed, says economic council chair

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More than a half of Nigerian labour force are currently unemployed or underemployed, Chairman of the Presidential Economic Advisory Council, Prof. Doyin Salami, has said.

According to him, Nigeria needs to create 19 million jobs every year to solve the unemployment problem in the country.

Salami spoke on Tuesday at a webinar on privatisation organised by the Nigerian Stock Exchange, in collaboration with the Nigeria Governors’ Forum and the Nigerian Investment Promotion Council.

He said, “When you look at it in terms of the youth element of our labour force, it is somewhere around 64 per cent. More than a half of Nigeria’s labour force is either unemployed completely or underemployed.”

Salami specifically said the rate of underemployment and unemployment in the Nigerian labour force stood at around 54 per cent.

“Now, if we are going to remedy this, Nigeria needs to be creating roughly 19 million jobs. If we are going to do that, it cannot be the responsibility of the government sector. The whole revenue profile of the government sector in Nigeria, federal and state, is somewhere around 10 per cent,” he said.

He also declared, “Right now, Nigeria’s economic challenge is a very significant and potentially severe one. Yes, I know our economy hasn’t performed well; we have seen so far this year a contraction in the economy, and prospects are that for the rest of the year, the economy will continue to contract.

“If Nigeria’s economy is going to grow, investment is going to be at the heart of that growth. Up until now, our attention has typically been focused on the Federal Government especially in terms of the balance of its recurrent and capital spending.”

The foremost economist noted that Nigeria currently has an investment to GDP ratio of between 15 and 18 per cent.

“If we are going to make any meaningful progress, we need an investment to GDP ratio that does not fall at any time perhaps over the next decade below 25 to 30 per cent. So, no matter how we look at it, investment is going to be the fundamental catalyst for growth,” he said.

He stressed the need for the country to generate investment levels that could support growth that must exceed the rate of growth of population, currently estimated at about 3.2 per cent.

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Car lovers relish Chery’s special offers at Circle Mall Lekki display

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Car lovers relish Chery’s special  offers at Circle Mall Lekki display

 

Lovers of new modern cars are still talking about their experience at the recent spectacular display of Chery models at Circle Mall, Lekki, Lagos, from June 15 to 18, 2024, many days after the event.

Apart from the unique designs and features of the vehicles showcased at the place, they are particularly thrilled by the exclusive offers to customers including making a down payment of just five million naira (N5m) on any Chery vehicle and enjoying a special five per cent discount throughout June 2024.

This event was organized to celebrate the Guardian Day, a significant occasion in China dedicated to appreciating the love, care, and support parents provide their children.

The centerpiece of the display was Chery’s latest models – the Tiggo 8 Pro, Tiggo 4 Pro, and Tiggo 2 Pro.

Each vehicle attracted significant attention for its blend of cutting-edge technology, sleek design, and unparalleled performance, promising to captivate the Nigerian market, according to a statement by Carloha Nigeria.

It stated, “In conjunction with the celebration, Carloha Nigeria extended an exclusive offer to prospective buyers. Throughout June, customers can make a down payment of just five million naira on any Chery vehicle and enjoy a special 5% discount.

“This initiative is part of Carloha Nigeria’s commitment to making luxury and quality vehicles more accessible to the Nigerian public.”

In addition to the exclusive offers listed above, Carloha Nigeria also said it hoped to further enhance the customer experience with an impressive six years of free service and a comprehensive six-year warranty or 200,000 kilometres, whichever comes first.

This, it said, was to ensure that Chery owners could drive with confidence and peace of mind, knowing their investment has been well protected.

“We are confident that the Chery Tiggo 8, Tiggo 4, and Tiggo 2, will exceed expectations and set new standards in the Nigerian automotive market,” said Mr. Joseph Omokhapue, the Sales and Marketing Director for Carloha Nigeria. He further stated that “Guardian Day is a wonderful opportunity to honour the values of care and support, which resonate deeply with Chery’s commitment to our customers.

Visitors to the Chery display at Circle Mall were delighted with luxurious Chery-branded gift items, adding an extra layer of elegance, appreciation, and engagement for attendees.

The showcased models – the Tiggo 8 Pro, Tiggo 4 Pro, and Tiggo 2 Pro –are said to reflect Chery’s innovative design, advanced technology, and superior performance.

These vehicles are tailored to meet the diverse needs of Nigerian customers, offering a blend of luxury, efficiency, and durability, it stated

It noted that Carloha Nigeria’s presence at Circle Mall not only highlighted the brand’s impressive lineup but also reinforced its commitment to fostering strong relationships with customers through value-added services and customer-centric promotions.

It added that the event at Circle Mall was a resounding success, drawing large crowds and generating significant interest.

It stressed that Carloha Nigeria remains dedicated to providing exceptional value and service, continuing to drive forward the standard of automotive excellence in Nigeria.

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Shell restates commitment to Nigeria’s socio-economic development, gets FRCN award

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Shell restates commitment to Nigeria’s socio-economic development, gets FRCN award

 

Shell Petroleum Development Company of Nigeria Limited (SPDC) says it remains unwavering in its commitment to supporting the socio-economic development of Nigeria, especially in its areas of operations in the Niger Delta.

The SPDC Director and Head of Corporate Relations, Igo Weli, disclosed this in Port Harcourt, Rivers State.

Weli, represented by the Shell spokesman, Michael Adande, gave the position at a dinner on Friday to celebrate the 21st anniversary of Treasure FM, a member of the Federal Radio Corporation of Nigeria (FRCN) network.

“Our commitment stretches back to the 1950s, with a wide range of programmes supporting education, infrastructure, community electrification, and business empowerment,” he said.

A major highlight of the anniversary dinner was the presentation of the FRCN Award for Consistent Media Partner to Shell Nigeria.

“This award serves as a strong reminder that Shell’s dedication to the socio-economic development of the Niger Delta region remains a cornerstone of our presence in Nigeria.”

The award recognises Shell’s partnership with FRCN, particularly its support for the weekly live programme ‘Canvas: Niger Delta Roundtable’, which fosters crucial discussions on development issues impacting the region.

Weli said, “While the award itself was unexpected, it reinforces the value of initiatives like Canvas.

“This recognition motivates us to keep promoting development, not just in our operational areas but across the entire nation.”

Canvas: Niger Delta Roundtable has since 2017 aired twice weekly on different radio stations in the Niger Delta with live online streaming.

It dedicates an hour in exploring topics relevant to the development of the region and its people.

General Manager, FRCN Treasure FM Port Harcourt, Fred Onyeka Nwaulune, commended Shell’s partnership.

He said, “Shell has been a reliable media partner, consistently educating the Niger Delta region on the importance of dialogue for development and peaceful solutions.

“Their programme aligns perfectly with FRCN’s focus on sustainable development.”

He noted that through the dialogue radio programme, Shell had demonstrated a continued focus on driving progress and positive change in the Niger Delta and beyond.

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Naira falls to N1,505/$ in parallel market

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Naira falls to N1,505/$ in parallel market

The Naira yesterday depreciated in the parallel market to N1,505 per dollar from N1,495 per dollar last weekend. Similarly, the Naira depreciated to N1,490.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,490.2 per dollar from N1,485.53 per dollar last weekend, indicating N4.67 depreciation for the naira. The volume of dollars traded (turnover) in the market fell by 21.4 per cent to $152 million from $193.5 million traded last week Friday.
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Consequently, the margin between the parallel market and NAFEM rates widened to N14.8 per dollar from N9.47 per dollar last weekend.

Naira falls to N1,505/$ in parallel market

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